1. accountable:adjective Required to answer for one's actions; responsible.
- Each teacher is accountable for his own work.
- Meliza was accountable for the essays of English class.
- The vice-president is accountable to the president.
2. commitment:noun The state of being bound emotionally or intellectually to a person, group, cause, or course of action. A pledge or obligation to do something. The act of placing in confinement or custody.
- There was a commitment of an old guy to have have a better life.
- Harry felt a strong commitment to the tutoring program in which she took place.
- He made a commitment to finish the job.
3. default:noun The failure to perform a task or fulfill an obligation, particularly a financial obligation. The failure of a competitor or team to participate in a contest. verb To fail to do what is required. To fail to complete in a scheduled contest.
- The other team didn't show up so we won by default.
- If you default on any of the official, the law permits an award to the other party.
- The supermarket brother's default with the loan by the robbery of their products.
4. feckless: Careless, irresponsible. Lacking purpose or vitaliy.
- Because of his uncaring actitude his work would end feckless.
- From being so messy almost all his homeworks were feckless.
- Her feckless work made her lose the job.
5. incumbent:adjective Imposed as an obligation or duty; obligatory.noun A person who holds an office.
- I thought it incumbent to help Luis pass math class.
- She felt it incumbent upon her to speak.
- Everyone felt it incumbent to go and vote for the new president.
6. liability:noun The condition of being legally responsible. An obligation or debt. Something that holds one back.
- Poor handwriting is a liability in getting a job.
- The policemen have the liability of protecting all the community from crime.
- We need insurance to cover our liabilities in an accident.
7. mandatory:adjective Required; compulsory. Having to do with a mandate or authoritatiive command.
- To go to college is mandatory to pass chemistry and physics.
- For latins to go to Canada or United States is mandatory to learn English.
- Physical Education is mandatory at most high schools in Honduras.
8. negligence:noun Lack of proper care or attention; neglect. A careless or indifferent act or failure to act. In law, the failure to take reasonable precaution or care.
- Because of the owner's negligence the house was in great need of repair.
- Thanks to the guard's negligence there were many expensive pruducts stolen.
- On count of my own negligence my car has broken down.
9. onerous:adjective Troublesome. Involving much effort and difficulty.
- Overtime is well paid, but it is often onerous.
- To make a report of the HIV in one day is an onerous work.
- For some people painting faces it enjoyable, and for others is a bit onerous.
10. remiss:adjective Lax in attending to duty. Exhibiting carelessness or slackness.
- A policeman that works carelessly in his work and lets a thief escape is remiss in his duty.
- The remiss of a lawyer from forgetting his documents made him lose his popularity.
- His performance showed he was remiss in the job aplication.
Copyright 1998 by Great Source Education Group, a division of Hughton Miffin Company. All rights reserved.
martes, 16 de febrero de 2010
miércoles, 10 de febrero de 2010
THE RISKY BUSINESS OF LLOYD'S OF LONDON
Insurance, the business of guaranteeing to cover specified potencial losses in return for premiumspaid, is a common and necessary practice. Nearly everyone has some involvement with typical forms of insurance, such as automobile, health, life, fire, and theft. However, there are also some fairly unusual items of value not covered by ordinary policies. A surgeon's hands, a dancer's legs, an opera star's vocal chords, and a movie star's beard are only a few of the specialities of Lloyd's of London, a world-famous insurance association that has earned a reputation for unconventional insurance risks.
Lloyd's of London was found in 1668. The insurence association actually began as a coffee house where ship owners, bankers, and merchants gathered to discuss trade and shipping. (1) Wealthy businessmen and bankers committed themselves to financial responsibility for ships or their cargoes, which might be lost or damaged at sea. Each risk he was willing to accept at a specified price, thus becoming an insurance underwriter. (2) If the ship or cargo were lost, it was incumbent upon the underwriter to pay the amount he had specified; if the ship or cargo reached port safely, the underwriter profited from the premium paid by the owner. As the shipping industryin England.
By 1911 Lloyd's had extended its business interests to include every form of insurance except long-term life insurance. (3) Although considered feckless by other insurance associations, Lloyd's was a pioneer in offering theft, earthquake, hurricane, and profit-loss insurance. (4) Lloyd's underwriters were accountable for insurance on property lost in the 1906 San Franciseo earthquake and fire, the ill-fated sinkings of the ocean liners Titanic and Andrea Doria, and the 1937 explosion of the German airship Hindenburg.
Unlike a regular insurance agency that transacts business as a unit, Lloyd's of London consists of over seven thousand individual underwriters grouped into syndicates. Agents for each syndicate bid competitively for contracts in much the same manner as stockbrokers working at the stock exchange do. (5) The underwriters accept liability on their own accounts and bear the full risk individually.
(6) The Corporation of Lloyd's of London sets the rules for underwriters to follow and takes disciplinary action if members are remiss in complying with these rules. (7) However, while the Corporation governs the way in which the underwriters operate, it does not assume responsibility for any negligence on their part.
(8) Although underwriters have the onerous responsibility for their own transactions, many seek to become a part of this elite institution. (9) In order to qualify for membership, underwriters must follow several mandatory policies. (10) First, they deposit at least $45,000 with Lloyd's as security against their possible default on risks that they accept. Second, they must maintain detailed records, and third, they contribute a percentage of their profits to Lloyd's central fund, from which policyholders are paid.
Housed in a fifteen-million-dollar palace in the heart of London, Lloyd's has grown from its humble start in a local meeting place. Whether insuring ship travel or space travel, the possibility of having twins, or the capture of the Loch Ness monster, Lloyd's of London maintains its famous and impressive place in insurance history.
Copyright 1998 by Great Source Education Group, a division of Hughton Miffin Company. All rights Reserved.
Lloyd's of London was found in 1668. The insurence association actually began as a coffee house where ship owners, bankers, and merchants gathered to discuss trade and shipping. (1) Wealthy businessmen and bankers committed themselves to financial responsibility for ships or their cargoes, which might be lost or damaged at sea. Each risk he was willing to accept at a specified price, thus becoming an insurance underwriter. (2) If the ship or cargo were lost, it was incumbent upon the underwriter to pay the amount he had specified; if the ship or cargo reached port safely, the underwriter profited from the premium paid by the owner. As the shipping industryin England.
By 1911 Lloyd's had extended its business interests to include every form of insurance except long-term life insurance. (3) Although considered feckless by other insurance associations, Lloyd's was a pioneer in offering theft, earthquake, hurricane, and profit-loss insurance. (4) Lloyd's underwriters were accountable for insurance on property lost in the 1906 San Franciseo earthquake and fire, the ill-fated sinkings of the ocean liners Titanic and Andrea Doria, and the 1937 explosion of the German airship Hindenburg.
Unlike a regular insurance agency that transacts business as a unit, Lloyd's of London consists of over seven thousand individual underwriters grouped into syndicates. Agents for each syndicate bid competitively for contracts in much the same manner as stockbrokers working at the stock exchange do. (5) The underwriters accept liability on their own accounts and bear the full risk individually.
(6) The Corporation of Lloyd's of London sets the rules for underwriters to follow and takes disciplinary action if members are remiss in complying with these rules. (7) However, while the Corporation governs the way in which the underwriters operate, it does not assume responsibility for any negligence on their part.
(8) Although underwriters have the onerous responsibility for their own transactions, many seek to become a part of this elite institution. (9) In order to qualify for membership, underwriters must follow several mandatory policies. (10) First, they deposit at least $45,000 with Lloyd's as security against their possible default on risks that they accept. Second, they must maintain detailed records, and third, they contribute a percentage of their profits to Lloyd's central fund, from which policyholders are paid.
Housed in a fifteen-million-dollar palace in the heart of London, Lloyd's has grown from its humble start in a local meeting place. Whether insuring ship travel or space travel, the possibility of having twins, or the capture of the Loch Ness monster, Lloyd's of London maintains its famous and impressive place in insurance history.
Copyright 1998 by Great Source Education Group, a division of Hughton Miffin Company. All rights Reserved.
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